[Via Cinema Treasures]
Combined, the two six-story buildings are approximately 22,092 total above grade square feet and have 50 feet of frontage along East 3rd Street. In total, there are 49 one-bedroom apartments, of which, 4 are rent controlled and the remaining 45 units are all free market. All 45 free market units have been renovated to include new hardwood floors, marble tiles in the bathrooms, granite countertops and new appliances including dishwashers in the kitchens and washer/dryer in the units. Most of the units also benefit from exposed brick.
“The purchaser was a foreign national from Italy who had sold a property and used the proceeds in a tax deferred 1031 exchange. New York City commercial real estate continues to be perceived by foreign investors as providing the best opportunity for capital appreciation and multifamily investments are the preferred sector today. It has historically been viewed as a safe haven for both foreign and local investor’s,” said Massey Knakal Vice Chairman and Partner John Ciraulo.
Residents and business owners in CB 3 are working together to ensure the economic vitality of our neighborhood. We believe it is important to involve property owners in this planning as well. Among our chief concerns are maintaining economic diversity and serving local retail needs. Our community has a high demand for more daytime retail business such as grocers, butchers, shoe stores, stationery stores and other businesses that serve our local residents. Research and public input have indicated that our current condition of too many bars and eating/drinking businesses works against promoting a diverse economy.
We want to ensure that you as property owners are aware of these community needs and priorities and that you relay them to your prospective commercial tenants. It is important for new prospective businesses to understand community priorities and plans before finalizing leases and investing money. In this effort, we welcome your participation in our planning and outreach. Please consider the following factors before signing a lease with your next retail tenant:
• Business owners who live and participate in the neighborhood are considered more community‐ friendly than absentee owners.
• Businesses should have diverse price points for our diverse community.
• Businesses open during the day and that attract daytime street traffic are a current priority.
• Businesses that offer a product or service other than eating and drinking are a current priority.
Some areas in our neighborhood have been overwhelmed with bars and restaurants. Our community does not have the infrastructure to be an entertainment zone. CB3 recommendations to approve liquor licenses will reflect this. It is important and fair for potential businesses to be aware of these priorities and areas.
